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Reinforcing cross-border investment opportunities of monocities.
Throughout peripheral regions in Finland (Salo, Raahe and Kajaani) and the Repulic of Karelia (Kostamus, Segezha, Nadvoitsy and Vyartsila), single-industry cities (monocities) have been economically and socially dependent on key traditional manufacturing industries such as timber processing, machine building, food, fuel and metal. Following shrinking international demand for these products, the companies (major employees in the pointed cities) announced plans to reduce production, and to cut down jobs, or in certain scenarios delocalize from the region entirely. Recently, the leaders of monocities, also regional and local authorities were urged to prepare a comprehensive investment and diversification plans reducing cities’ dependence on a single employer, and also creating conditions for the application of people’s capabilities in more diverse sectors, and incentives for private investment.
The overall objective of the project was to increase the cross-border economic interaction and trade between the Kainuu region and Republic of Karelia. Specifically, the project aimed to reinforce cross-border investment opportunities resulting from the diversification of monocities in addition to global industrial modernisation trends.
Project Work Packages
- WP1 – Designing and tuning policy and delivery methods supporting FDI in the border areas
- WP2 – Set up a cross-border single entry online service effectively facilitating investment decisions
- WP3 – Selection and implementation of industrial diversification projects
- WP4 – Promoting communicating of regional investment attractiveness
Importance of the Project for Kainuu
CINNAMON project was important for Kainuu for four reasons:
- Formulating and strengthening solid cross-border investment concepts with explicit win-win investment opportunities, including investments in sustainable development technologies.
- Contributing to an increase of investment attractiveness for both Kainuu and Karelian regions, creating investment value offers and testing the new concepts with potential investors.
- Benefiting, through the project – generated opportunities, from European value chains in the forest and metal industries and valorising Finnish research, including investments in sustainable development technologies.
- Sharing good practices that provably helped Kainuu diversify its economic development model following structural changes during the last 10 years.In addition, CINNAMON contributes to:
- Improving FDI ground services and single-entry point solutions for the Karelian side.
- Supporting and capitalizing on the economic diversification of the Karelian region’s industries and markets through PSEDA options.
Karelian regional institute of continuing professional education at Petrozavodsk state university – Lead partner (RU)
Regional Council of Kainuu (FI)
University of Eastern Finland (FI)
JSC “Corporation for the Development of the Republic of Karelia” (RU)
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